Common use of Repurchase Agreements Clause in Contracts

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might may do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes, as described below. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. The Fund will not enter into a repurchase agreement that causes more than 10% of its net assets to be subject to repurchase agreements having a maturity beyond seven days. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's impose creditworthiness requirements to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire may invest in securities subject pursuant to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment Repurchase agreements may be entered into only with a member bank of the proceeds from sales Federal Reserve System or primary dealer or an affiliate thereof, in U.S. Government securities or an affiliate thereof. A repurchase agreement is a contractual agreement whereby the seller of Fund shares, or pending securities agrees to repurchase the settlement of portfolio securities transactions, or for temporary defensive purposessame security at a specified price on a future date agreed upon by the parties. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an The agreed-upon future daterepurchase price determines the yield during the Fund's holding period. The resale price exceeds risk to the purchase price by an amount that reflects an Fund is limited to the ability of the issuer to pay the agreed-upon interest rate effective for repurchase price on the period during which delivery date; however, although the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days value of the purchase. Repurchase agreements having a maturity beyond seven days are subject to underlying collateral at the Fund's limits on holding illiquid investments. There time the transaction is no limit on entered into always equals or exceeds the amount of the Fund's net assets that may be subject to agreed-upon repurchase agreements having maturities of seven days or less. Repurchase agreementsprice, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, if the value of the collateral must equal declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or exceed experience delays in connection with liquidating the repurchase price to fully collateralize the repayment obligationcollateral. HoweverIn addition, if bankruptcy proceedings are commenced with respect to the vendor fails to pay seller of the resale price on security, realization upon the delivery date, collateral by the Fund may incur costs in disposing be delayed or limited. In general, for federal income tax purposes, repurchase agreements are treated as collateralized loans secured by the securities "sold." Therefore, amounts earned under such agreements will not be considered tax exempt interest. The treatment of purchase and sales contracts is less certain. The following are fundamental investment restrictions of the collateral Fund and may experience losses if there is any delay in its ability to do sonot be changed without the approval of the holders of a majority of the Fund's outstanding Common Shares and outstanding Preferred Shares, voting together as a single class, and a majority of the outstanding Preferred Shares, voting as a separate class (which for this purpose and under the 1940 Act means the lesser of (i) 67% of the shares of each class of capital stock represented at a meeting at which more than 50% of the outstanding shares of each class of capital stock are represented or (ii) more than 50% of the outstanding shares of each class of capital stock). The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.Fund may not:

Repurchase Agreements. The Fund can may acquire securities subject to repurchase agreements. It might may do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys acquires a security from, and simultaneously resells it to, to an approved vendor for delivery on an agreed-agreed upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, banks or broker-dealers that have been designated as a primary dealers dealer in government securities. They must , which meet the credit requirements set by the Manager Fund's Board of Trustees from time to time. The majority of these transactions run from day to day, and delivery . Delivery pursuant to the resale typically occurs will occur within one to five (5) days of the purchase. Repurchase agreements having a maturity beyond seven (7) days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven (7) days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the collateral's value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. Additionally, the Manager will impose creditworthiness requirements to confirm that the vendor is financially sound and will continuously monitor the collateral's value. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government Government securities. They must meet credit requirements set by the Manager Fund's Board of Directors from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes, as described below. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. The Fund will not enter into a repurchase agreement that causes more than 10% of its net assets to be subject to repurchase agreements having a maturity beyond seven days. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act of 1940 (the "Investment Company Act"), are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's creditworthiness requirements to confirm that the vendor is financially sound and will continuously monitor the collateral's value. |X| Illiquid and Restricted Securities. Under the policies and procedures established by the Fund's Board of Trustees, the Manager determines the liquidity of certain of the Fund's investments. Investments may be illiquid because of the absence of an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. A Wrap Agreement is considered to be an illiquid security. To enable the Fund to sell its holdings of a restricted security not registered under the Securities Act of 1933, the Fund may have to cause those securities to be registered. The expenses of registering restricted securities may be negotiated by the Fund with the issuer at the time the Fund buys the securities. When the Fund must arrange registration because the Fund wishes to sell the security, a considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund could sell it. The Fund would bear the risks of any downward price fluctuation during that period. The Fund may also acquire restricted securities through private placements. Those securities have contractual restrictions on their public resale. Those restrictions might limit the Fund's ability to dispose of the securities and might lower the amount the Fund could realize upon the sale. A restricted security is one that has a contractual restriction on its resale or which cannot be sold publicly until it is registered under the Securities Act of 1933. The Fund will not invest more than 15% of its net assets in illiquid or restricted securities. The restriction applies on an ongoing basis. That percentage restriction does not limit purchases of restricted securities that are eligible for sale to qualified institutional purchasers under Rule 144A of the Securities Act of 1933, if those securities have been determined to be liquid by the Manager under Board-approved guidelines. Those guidelines take into account the trading activity for such securities and the availability of reliable pricing information, among other factors. If there is a lack of trading interest in a particular Rule 144A security, the Fund's holdings of that security may be considered to be illiquid. Illiquid securities include repurchase agreements maturing in more than seven days and participation interests that do not have puts exercisable within seven days.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes, as described below. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. The Fund will not enter into a repurchase agreement that causes more than 15% of its net assets to be subject to repurchase agreements having a maturity beyond seven days. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.. Investment Restrictions

Repurchase Agreements. The Fund can may acquire securities subject to repurchase agreements. It might may do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposessecurities. In a repurchase transaction, the Fund buys acquires a security from, and simultaneously resells it to, to an approved vendor for delivery on an agreed-agreed upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, banks or broker-dealers that have been designated as a primary dealers dealer in government securities. They must , which meet the credit requirements set by the Manager Fund's Board of Trustees from time to time. The majority of these transactions run from day to day, and delivery . Delivery pursuant to the resale typically occurs will occur within one (1) to five (5) days of the purchase. Repurchase agreements having a maturity beyond seven (7) days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven (7) days or less. Repurchase agreements, agreements considered "loans" under the Investment Company Act of 1940 ("Investment Company Act"), are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the collateral's value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. The Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes, as described below. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager Fund's Board of Trustees from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. The Fund will not enter into a repurchase agreement that causes more than 15% of its net assets to be subject to repurchase agreements having a maturity beyond seven (7) days. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can may acquire securities subject to repurchase agreements. It might may do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposessecurities. In a repurchase transaction, the Fund buys acquires a security from, and simultaneously resells it to, to an approved vendor for delivery on an agreed-agreed upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, banks or broker-dealers that have been designated as a primary dealers dealer in government securities. They must , which meet the credit requirements set by the Manager Fund's Board of Trustees from time to time. The majority of these transactions run from day to day, and delivery . Delivery pursuant to the resale typically occurs will occur within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act of 1940 (the "Investment Company Act"), are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the collateral's value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. Additionally, the Manager will impose creditworthiness requirements to confirm that the vendor is financially sound and will continuously monitor the collateral's value. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for for: o liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or o pending the settlement of portfolio securities transactions, or o for temporary defensive purposes, as described below. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. The Fund will not enter into a repurchase agreement that causes more than 10% of its net assets to be subject to repurchase agreements having a maturity beyond seven days. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire may invest in securities subject pursuant to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment Repurchase agreements may be entered into only with a member bank of the proceeds from sales Federal Reserve System or primary dealer or an affiliate thereof, in U.S. Government securities or an affiliate thereof. A repurchase agreement is a contractual agreement whereby the seller of Fund shares, or pending securities agrees to repurchase the settlement of portfolio securities transactions, or for temporary defensive purposessame security at a specified price on a future date agreed upon by the parties. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an The agreed-upon future daterepurchase price determines the yield during the Fund's holding period. The resale price exceeds risk to the purchase price by an amount that reflects an Fund is limited to the ability of the issuer to pay the agreed-upon interest rate effective for repurchase price on the period during which delivery date; however, although the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days value of the purchase. Repurchase agreements having a maturity beyond seven days are subject to underlying collateral at the Fund's limits on holding illiquid investments. There time the transaction is no limit on entered into always equals or exceeds the amount of the Fund's net assets that may be subject to agreed-upon repurchase agreements having maturities of seven days or less. Repurchase agreementsprice, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, if the value of the collateral must equal declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or exceed experience delays in connection with liquidating the repurchase price to fully collateralize the repayment obligationcollateral. HoweverIn addition, if bankruptcy proceedings are commenced with respect to the vendor fails seller of the security, realization upon the collateral by the Fund may be delayed or limited. In general, for federal income tax purposes, repurchase agreements are treated as collateralized loans secured by the securities "sold." Therefore, amounts earned under such agreements will not be considered tax exempt interest. The treatment of purchase and sales contracts is less certain. The Fund may make short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. The Fund may make short sales both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. When the Fund makes a short sale, it must borrow the security sold short and deliver collateral to the broker-dealer through which it made the short sale to cover its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities. The Fund's obligation to replace the resale price borrowed security will be secured by collateral deposited with the broker-dealer, usually cash or liquid securities similar to those borrowed. The Fund also will be required to segregate similar collateral with its custodian to the extent, if any, necessary so that the value of both collateral amounts in the aggregate is at all times equal to at least 100% of the current market value of the security sold short. Depending on arrangements made with the delivery datebroker-dealer from which it borrowed the security regarding payment over any payments received by the Fund on such security, the Fund may incur costs in disposing not receive any payments (including interest) on its collateral deposited with such broker-dealer. If the price of the collateral security sold short increases between the time of the short sale and may experience losses the time the Fund replaces the borrowed security, the Fund will incur a loss. Conversely, if there the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. Although the Fund's gain is any delay in limited to the price at which it sold the security short, its ability to do sopotential loss is theoretically unlimited. The Sub-Advisor Fund also may make short sales "against the box." These transactions will monitor involve either short sales of securities retained in the vendorFund's creditworthiness portfolio or securities which it has the right to confirm acquire without the payment of further consideration The Fund may invest in other investment companies whose investment objectives and policies are consistent with those of the Fund. In accordance with the 1940 Act, the Fund may invest up to 10% of its total assets in securities of other investment companies. In addition, under the 1940 Act the Fund may not own more than 3% of the total outstanding voting stock of any investment company and not more than 5% of the value of the Fund's total assets may be invested in securities of any investment company. The Fund has received an exemptive order from the Commission permitting it to invest in affiliated registered money market funds and in an affiliated private investment company without regard to such limitations, provided however, that in all cases the vendor is financially sound Fund's aggregate investment of cash in shares of such investment companies shall not exceed 25% of the Fund's total assets at any time. If the Fund acquires shares in investment companies, stockholders would bear both their proportionate share of expenses in the Fund (including management and will continuously monitor advisory fees) and, indirectly, the collateral's valueexpenses of such investment companies (including management and advisory fees).

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for temporary defensive purposes or for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys acquires a security from, and simultaneously resells it to, to an approved vendor for delivery on an agreed-agreed upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, banks or broker-dealers that have been designated as a primary dealers dealer in government securities. They must , which meet the credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery . Delivery pursuant to the resale typically occurs will occur within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount The Fund cannot invest more than 20% of the Fund's net its total assets that may be subject to in taxable repurchase agreements having maturities of seven days or lessoffering taxable income. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the collateral's value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. Additionally, the Manager will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. A repurchase agreement involves the sale of securities to the Joint Account or Individual Portfolio, and the concurrent agreement by the seller to repurchase the securities within a specified period of time at an agreed upon price, thereby establishing the yield which accrues during the holding period. The Fund can acquire yield established for the repurchase agreement is determined by current short-term rates and may be more or less than the interest rate on the underlying securities. The Joint Account or Individual Portfolio will obtain actual title to and take possession either physically or constructively of the securities which are the subject of the repurchase agreement. It is the Program’s policy to enter into repurchase agreements only with dealers in United States Government securities which are recognized as “primary dealers” by the Federal Reserve System, or with commercial banks having assets in excess of $1 billion. Securities purchased by the Program for the Joint Account or any Individual Portfolio, subject to repurchase agreements. It might do so for liquidity purposes , are limited to meet anticipated redemptions of Fund shares, or pending the investment obligations of the proceeds from sales United States Government and agencies of Fund sharesthe United States described under “Authorized Investments” above, or pending but may have maturities longer than one year. At the settlement of portfolio securities transactions, or for temporary defensive purposes. In time a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banksmade, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying securitysecurities will always have a market value at least equal to their initial purchase price. The Fund's repurchase agreements require that at all times while the repurchase If an agreement is in effecteffect for more than one day, the Program’s Investment Administrator is responsible for monitoring the value of the collateral must equal underlying securities and, in the event their market value drops below the value of the initial purchase price plus the accrued yield, the counter-party is required to provide additional securities or money. All securities underlying repurchase agreements are required to be delivered to the Program’s Custodian or to such other custodians agreed to by the Custodian and the Investment Administrator. The Investment Administrator shall not take possession of or act as custodian for any assets of the Program but shall direct delivery thereof to the Custodian (or to such other custodian agreed to by the Custodian and the Investment Administrator). At the expiration of each repurchase agreement, which, in the case of an Individual Portfolio, may not exceed 30 days from the date of the repurchase price agreement, the Custodian receives payment of the principal and interest earned under the agreement as a condition for the transfer of the underlying securities to fully collateralize the repayment obligationother party. However, if If the vendor other party fails to pay the resale agreed upon repurchase price on the delivery expiration date, the Fund risks to the Joint Account Participants or to an Individual Portfolio Participant in such event may incur include any decline in the value of the underlying securities to an amount which is less than the repurchase price, any costs in of disposing of the collateral such securities, and may experience losses if there is any loss from any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's valueforeclosing on such securities.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so Those broker/dealers approved for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include transactions shall be limited to broker/dealers for which a securities lending line has been approved by U.S. commercial banks, Bank National Association (“U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchaseBank”). Repurchase agreements having may also be executed with any approved bank (see II.A and B above). The following requirements shall apply to all repurchase agreement transactions: 1. The sum of the dollar amount of the collateral for the securities on loan to, and the dollar amount of any funds invested in repurchase agreements with, a maturity beyond seven days are subject particular broker/dealer at any one time shall not exceed the approved securities lending line. 2. USBAM on behalf of the Customer will use a standard form of repurchase agreement such as the Bond Market Association (“BMA”) model repurchase agreement, or another form of agreement which contains comparable provisions, when entering into repurchase agreements. 3. USBAM shall perfect the security interest of the Customer in the collateral underlying the repurchase agreement, so that to the Fund's limits maximum extent permitted by law, the Customer’s interest will be protected if there is a default by the other party to the repurchase agreement. 4. Repurchase agreements entered into by USBAM on holding illiquid investments. There is no limit on behalf of the Customer shall be adequately collateralized, i.e., the amount of the Fund's net assets that may collateral required at inception of a repurchase agreement transaction shall be subject equal to repurchase agreements having maturities at least 102% of seven days or lessthe principal amount of the transaction. Repurchase agreementsIn addition, considered "loans" under the Investment Company Act, are collateralized by market value of the underlying security. The Fund's repurchase agreements require that at all times while securities held as collateral shall be marked to the market daily during the entire term of the transaction and the repurchase agreement is in effect, shall provide that additional collateral will be required from the broker/dealer or bank if the market value of the securities falls below the excess collateral must equal or exceed percentage agreed to at the inception of the repurchase price agreement. 5. Repurchase agreements safe kept with the seller on a “Hold-in-Custody” basis, rather than delivered to fully collateralize the Custodian or its agent, shall be required to be on par for repayment obligation. However, if with the vendor fails to pay the resale price seller’s senior unsecured debt which must be on the delivery date, USBAM Approved List. Diversification requirements for transactions of this nature shall be controlled by the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability requirements with respect to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's valueunsecured debt.

Repurchase Agreements. The Securities held by the Fund can acquire securities may be subject to repurchase agreements. It might do so for liquidity purposes Under the terms of a repurchase agreement, the Fund would acquire securities from member banks of the Federal Reserve System and registered broker-dealers which the Adviser deems creditworthy under guidelines approved by the Fund's Board of Trustees, subject to meet anticipated redemptions the seller's agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price would generally equal the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement will be required to maintain at all times the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). If the seller were to default on its repurchase obligation or become insolvent, the Fund shares, or pending would suffer a loss to the investment of extent that the proceeds from sales a sale of Fund sharesthe underlying portfolio securities were less than the repurchase price under the agreement, or pending to the settlement extent that the disposition of portfolio such securities transactions, or for temporary defensive purposes. In a repurchase transaction, by the Fund buys were delayed pending court action. Additionally, there is no controlling legal precedent confirming that the Fund would be entitled, as against a security fromclaim by such seller or its receiver or trustee in bankruptcy, and simultaneously resells it toto retain the underlying securities, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds although the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches Board of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days Trustees of the purchase. Repurchase agreements having a maturity beyond seven days are subject to Fund believes that, under the Fund's limits on holding illiquid investments. There is no limit on the amount regular procedures normally in effect for custody of the Fund's net assets that may be securities subject to repurchase agreements having maturities and under federal laws, a court of seven days competent jurisdiction would rule in favor of the Fund if presented with the question. Securities subject to repurchase agreements will be held by the Fund's custodian or lessanother qualified custodian or in the Federal Reserve/Treasury book-entry system. Repurchase agreements, agreements are considered "loans" to be loans by the Fund under the Investment Company 1940 Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.

Repurchase Agreements. The Fund can acquire may invest in securities subject pursuant to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment Repurchase agreements may be entered into only with a member bank of the proceeds from sales Federal Reserve System or primary dealer or an affiliate thereof, in U.S. Government securities or an affiliate thereof. A repurchase agreement is a contractual agreement whereby the seller of Fund shares, or pending securities agrees to repurchase the settlement of portfolio securities transactions, or for temporary defensive purposessame security at a specified price on a future date agreed upon by the parties. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an The agreed-upon future daterepurchase price determines the yield during the Fund’s holding period. The resale price exceeds risk to the purchase price by an amount that reflects an Fund is limited to the ability of the issuer to pay the agreed-upon interest rate effective for repurchase price on the period during which delivery date; however, although the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days value of the purchase. Repurchase agreements having a maturity beyond seven days are subject to underlying collateral at the Fund's limits on holding illiquid investments. There time the transaction is no limit on entered into always equals or exceeds the amount of the Fund's net assets that may be subject to agreed-upon repurchase agreements having maturities of seven days or less. Repurchase agreementsprice, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, if the value of the collateral must equal declines there is a risk of loss of both principal and interest. The Investment Adviser monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Investment Adviser does so in an effort to determine that the value of the collateral always equals or exceed exceeds the agreed-upon repurchase price to fully collateralize be paid to the repayment obligationFund. HoweverIn the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the vendor fails to pay seller of the resale price on security, realization upon the delivery date, collateral by the Fund may incur costs in disposing be delayed or limited. In general, for federal income tax purposes, repurchase agreements are treated as collateralized loans secured by the securities “sold.” Therefore, amounts earned under such agreements will not be considered tax exempt interest. The treatment of purchase and sales contracts is less certain. The following are fundamental investment restrictions of the collateral Fund and may experience losses if there is any delay in its ability to do sonot be changed without the approval of the holders of a majority of the Fund’s outstanding Common Shares and outstanding Preferred Shares, voting together as a single class, and a majority of the outstanding Preferred Shares, voting as a separate class (which for this purpose and under the 1940 Act means the lesser of (i) 67% of the shares of each class of capital stock represented at a meeting at which more than 50% of the outstanding shares of each class of capital stock are represented or (ii) more than 50% of the outstanding shares of each class of capital stock). The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.Fund may not:

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. A. Repurchase agreements having a maturity beyond seven days not included as investments under the Agreement are authorized subject to the Fund's limits following restrictions: ° All repurchase agreements must be entered into subject to a Master Repurchase Agreement. ° Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. ° Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. ° No substitution of investment securities will be allowed. ° The custodian shall be a party other than the trading partner. ° All repurchase agreements shall be in compliance with the provisions of Sections 10 and 11 of the GML. ° Any investment securities which are purchased pursuant to a repurchase agreement shall be deemed to be payable or redeemable for purposes of the preceding sentence on holding illiquid investmentsthe date on which such obligations are scheduled to be repurchased by the seller thereof; any investment securities which provide for the adjustment of their respective interest rate on set dates shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which the principle amount may be recovered in full by demand of the holder or owner thereof. B. Repurchase agreements included as investments under the Agreement are authorized subject to the following provisions in addition to the restrictions set forth in paragraph XIII.A above unless such restriction is not included in such provisions: ° A transaction constituting a repurchase agreement or a series of such transactions each of which is or is deemed to be a repurchase agreement may be in effect for up to 90 days. There ° Substitution of investment securities is no limit authorized. Substitution may occur one or more times during a business day with respect to any investment security. Each substitution shall be deemed a separate purchase and sale of an investment security and a separate repurchase agreement with the understanding that a substituted security may be commingled with other investment securities of a counterparty to a Master Repurchase Agreement and may, in turn, become subject to liens granted to third parties and used for delivery in other securities transactions of such a counterparty. Any substitution of investment securities is subject to authorization by the Chief Investment Officer under the Agreement upon notice through Email of a confirmation by 4:00 p.m. (New York Time) on a business day (Monday through Friday). The Chief Investment Officer shall review such transmission and any confirmations contained therein and accept the terms of same by Email by 10:00 a.m. (New York Time) on the next succeeding business. Any transaction not so accepted by the Chief Investment Officer shall be terminated and be deemed terminated. A Master Repurchase Agreement shall include in its terms optional substitution/termination language substantially in the form contained in The Bond Market Association market Practice Update 96-1. ° All investment securities shall remain in the possession, custody or control of the custodian under the Agreement or the custodian under a Custodial Undertaking Agreement and shall be segregated from other securities in the possession, custody or control of any such custodian with title or other written designation as to ownership to such securities at all times in Red Hook Central School District, as Lead Agent of the New York Liquid Asset Fund (NYLAF); provided that the Lead Agent shall not sell, pledge, hypothecate or otherwise transfer such securities or any interest therein. The Lead Agent acknowledges that segregation of investment securities will be subject to a counterparty to a Master Repurchase Agreement’ ability to satisfy any lien granted in a substituted security. ° During any transaction the security interest of the New York Liquid Asset Fund (NYLAF), in any investment security will be evidenced by its possession and control by the custodian under the Agreement or a custodian under a Custody Undertaking Agreement. Although New York Liquid Asset Fund (NYLAF) intends that any transaction is a purchase and sale of securities, in the event any transaction is deemed to be a secured loan collateralized by such securities, a Master Repurchase Agreement shall provide that the relevant counterparty thereto shall be deemed to have granted and pledged to New York Liquid Asset Fund (NYLAF) perfected security interest in such securities. Any Master Repurchase Agreement shall provide that any transaction is and shall be deemed to be a “qualified financial contract” under applicable federal bankruptcy and secured transaction law and that such securities are not part of the estate of any counterparty to a Master Repurchase Agreement upon an event of insolvency, bankruptcy, reorganization, liquidation, dissolution or assignment for the benefit of creditors of such counterparty. ° Red Hook Central School District, as Lead Agent, in the exercise of the provisions contained in paragraph XIII.B herein is exercising and shall be deemed to be exercising a necessarily implied power authorized in Section 11 of the GML, and any actions taken shall not be or be deemed to be a direct or indirect gift or loan of money or property or credit of Red Hook Central School District or any participant under the Agreement to or in aid of any individual, private corporation or association. ° All transactions shall be deemed to be purchases and sales, and shall never be or be deemed to be a loan of money secured by investment securities as collateral, notwithstanding any accounting rule or interpretation of federal tax law to the contrary applied by any counterparty to a Master Repurchase Agreement or to a Custodial Undertaking Agreement. ° Securities subject to a Master Repurchase Agreement shall not include mutual funds or money market funds or securities other than those set forth in paragraph X herein. ° No counterparty to a Master Repurchase Agreement or Custodial Undertaking Agreement shall be or be deemed to be an agent or carrying out the duties of an agent of the Chief Investment Officer or the Lead Agent, and all such acts of any such counterparty shall be and shall be deemed to be ministerial in nature and constitute the following of express or necessarily implied authorizations, acceptances and consents of the Chief Investment Officer or the Lead Agent, as the case may be. ° The Marketing Agent shall attach a true copy of these Investment Guidelines to any Master Repurchase Agreement or custody undertaking agreement executed, delivered and used in connection with investment in securities or any interest therein under the Agreement. (i) Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the United States of America, an agency thereof or a United States government sponsored corporation. (ii) Obligations partially insured or guaranteed by any agency of the United States of America, at a proportion of the Market Value of the obligation that represents the amount of the Fund's net assets that insurance or guaranty. (iii) Obligations issued or fully insured or guaranteed by the State of New York, obligations issued by a municipal corporation, school district or district corporation of such State or obligations of any public benefit corporation which under a specific State statute may be subject accepted as security for deposit of public moneys. (iv) Obligations issued or fully guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, and the African Development Bank. (v) Obligations issued by states (other than the State of New York) of the United States rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vi) Obligations of Puerto Rico rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vii) Obligations of counties, cities and other governmental entities of another state having the power to repurchase agreements levy taxes which are backed by the full faith and credit of such governmental entity and rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (viii) Obligations of domestic corporations rated in one of the two highest rating categories by at least one nationally recognized statistical rating organization. (ix) Any mortgage related securities, as defined in the Securities Exchange Act of 1934, as amended, which may be purchased by banks under limitations established by federal bank regulatory agencies. (x) commercial paper and banker’s acceptances issued by a bank (other than the bank in which money is being deposited or invested) rated in the highest short-term category by at least one nationally recognized statistical rating organization and having maturities of seven no longer than 60 days or less. Repurchase agreements, considered "loans" under from the Investment Company Act, date they are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value pledged. (xi) Zero coupon obligations of the collateral must equal or exceed United States government marketed are “Treasury strips”. (xii) An eligible surety bond, as defined in Section 10 of the repurchase price GML, payable to fully collateralize the repayment obligation. Howeverextent of 100% of the Permitted Investment. (xiii) An eligible letter of credit, as defined in Section 10 of the GML, payable to the extent of 140% of the Permitted Investment. (xiv) An irrevocable letter of credit issued by a Federal Home Loan Bank (FHLB) whose commercial paper and other unsecured short-term debt obligations are rated in the highest rating category by at least one nationally recognized statistical rating organization, accept such letter of credit payable to such local government as security for the payment of one hundred percent (100%) of the aggregate amount and the agreed upon interest, if any. For the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing purpose of determining Market Values of the collateral eligible securities set forth in this Appendix A (a) obligations described in clauses (i), (ii), (iii), (iv) and may experience losses (xiv)shall be valued at 100% of their Market Value, (b) obligations described in clauses (v), (vi) and (vii) if there is any delay rated in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that highest category shall be valued at 100% of their market value, if rated in the vendor is financially sound second highest category shall be valued at 90% of their Market Value, and will continuously monitor if rated in the collateral's value.third highest category shall be valued at 80% of their Market Value; (c) obligations described in clauses (viii), (x) and

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so Those broker/dealers approved for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or transactions shall be limited to broker-/dealers that have for which a securities lending line has been designated as primary dealers in government securities. They must meet credit requirements set approved by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchaseU.S. Bank Financial Services Division. Repurchase agreements having may also be executed with any approved bank. The following requirements shall apply to all repurchase agreement transactions: 1. The sum of the dollar amount of the collateral for the securities on loan and the dollar amount of any funds invested in repurchase agreements at any one time with a maturity beyond seven days are subject particular broker/dealer shall not exceed the approved securities lending line. 2. U.S. Bank on behalf of Participant will use a standard form or repurchase agreement such as the Public Securities Associates ("PSA") model repurchase agreement, or another form of agreement which contains comparable provisions, when entering into repurchase agreements. 3. U.S. Bank shall perfect the security interest of the Participant in the collateral underlying the repurchase agreement, so that to the Fundmaximum extent permitted by law, the Participant's limits interest will be protected if there is a default by the other party to the repurchase agreement. 4. Repurchase agreements entered into by U.S. Bank on holding illiquid investments. There is no limit on behalf of Participant shall be adequately collateralized, i.e., the amount of the Fund's net assets that may collateral required at inception of a repurchase agreement transaction shall be subject equal to repurchase agreements having maturities at least 102% of seven days or lessthe principal amount of the transaction. Repurchase agreementsIn addition, considered "loans" under the Investment Company Act, are collateralized by market value of the underlying security. The Fund's repurchase agreements require that at all times while securities held as collateral shall be marked to the market daily during the entire term of the transaction and the repurchase agreement is in effect, shall provide that additional collateral will be required from the broker/dealer or bank if the market value of the securities falls below the excess collateral must equal or exceed percentage agreed to at the inception of the repurchase price agreement. 5. Repurchase agreements safe kept with the seller on a "Hold-in-Custody" basis, rather than delivered to fully collateralize U.S. Bank or its agent, shall be required to be on par for repayment with the repayment obligation. However, if the vendor fails to pay the resale price seller's senior unsecured debt which must be on the delivery date, U.S. Bancorp Piper Jaffray Asset Management approved list. Dixxxxxxxxxxxxx requirements for transactions of this nature shall be controlled by the Fund may incur costs requirements in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's valueunsecured debt.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. A. Repurchase agreements having a maturity beyond seven days not included as investments under the Agreement are authorized subject to the Fund's limits following restrictions: ° All repurchase agreements must be entered into subject to a Master Repurchase Agreement. ° Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. ° Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. ° No substitution of investment securities will be allowed. ° The custodian shall be a party other than the trading partner. ° All repurchase agreements shall be in compliance with the provisions of Sections 10 and 11 of the GML. ° Any investment securities which are purchased pursuant to a repurchase agreement shall be deemed to be payable or redeemable for purposes of the preceding sentence on holding illiquid investmentsthe date on which such obligations are scheduled to be repurchased by the seller thereof; any investment securities which provide for the adjustment of their respective interest rate on set dates shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which the principle amount may be recovered in full by demand of the holder or owner thereof. B. Repurchase agreements included as investments under the Agreement are authorized subject to he following provisions in addition to the restrictions set forth in paragraph XIII.A above unless such restriction is not included in such provisions: ° A transaction constituting a repurchase agreement or a series of such transactions each of which is or is deemed to be a repurchase agreement may be in effect for up to 90 days. There ° Substitution of investment securities is no limit authorized. Substitution may occur one or more times during a business day with respect to any investment security. Each substitution shall be deemed a separate purchase and sale of an investment security and a separate repurchase agreement with the understanding that a substituted security may be commingled with other investment securities of a counterparty to a Master Repurchase Agreement and may, in turn, become subject to liens granted to third parties and used for delivery in other securities transactions of such a counterparty. Any substitution of investment securities is subject to authorization by the Chief Investment Officer under the Agreement upon notice through Email of a confirmation by 4:00 p.m. (New York Time) on a business day (Monday through Friday). The Chief Investment Officer shall review such transmission and any confirmation contained therein and accept the terms of same by Email by 10:00 a.m. (New York Time) on the next succeeding business. Any transaction not so accepted by the Chief Investment Officer shall be terminated and be deemed terminated. A Master Repurchase Agreement shall include in its terms optional substitution/termination language substantially in the form contained in The Bond Market Association market Practice Update 96-1. ° All investment securities shall remain in the possession, custody or control of the custodian under the Agreement or the custodian under a Custodial Undertaking Agreement and shall be segregated from other securities in the possession, custody or control of any such custodian with title or other written designation as to ownership to such securities at all times in Cheektowaga Central School District, as Lead Agent; provided that the Lead Agent shall not sell, pledge, hypothecate or otherwise transfer such securities or any interest therein. The Lead Agent acknowledges that segregation of investment securities will be subject to a counterparty to a Master Repurchase Agreement’ ability to satisfy any lien granted in a substituted security. ° During any transaction the security interest of the Cheektowaga Central School District, as Lead Agent, in any investment security will be evidenced by its possession and control by the custodian under the Agreement or a custodian under a Custody Undertaking Agreement. Although Cheektowaga Central School District intends that any transaction is a purchase and sale of securities, in the event any transaction is deemed to be a secured loan collateralized by such securities, a Master Repurchase Agreement shall provide that the relevant counterparty thereto shall be deemed to have granted and pledged to Cheektowaga Central School District perfected security interest in such securities. Any Master Repurchase Agreement shall provide that any transaction is and shall be deemed to be a “qualified financial contract” under applicable federal bankruptcy and secured transaction law and that such securities are not part of the estate of any counterparty to a Master Repurchase Agreement upon an event of insolvency, bankruptcy, reorganization, liquidation, dissolution or assignment for the benefit of creditors of such counterparty. ° Cheektowaga Central School District, as Lead Agent, in the exercise of the provisions contained in paragraph XIII.B herein is exercising and shall be deemed to be exercising a necessarily implied power authorized in Section 11 of the GML, and any actions taken shall not be or be deemed to be a direct or indirect gift or loan of money or property or credit of Cheektowaga Central School District or any participant under the Agreement to or in aid of any individual, private corporation or association. ° All transactions shall be deemed to be purchases and sales, and shall never be or be deemed to be a loan of money secured by investment securities as collateral, notwithstanding any accounting rule or interpretation of federal tax law to the contrary applied by any counterparty to a Master Repurchase Agreement or to a Custodial Undertaking Agreement. ° Securities subject to a Master Repurchase Agreement shall not include mutual funds or money market funds or securities other than those set forth in paragraph X herein. ° No counterparty to a Master Repurchase Agreement or Custodial Undertaking Agreement shall be or be deemed to be an agent or carrying out the duties of an agent of the Chief Investment Officer or the Lead Agent, and all such acts of any such counterparty shall be and shall be deemed to be ministerial in nature and constitute the following of express or necessarily implied authorizations, acceptances and consents of the Chief Investment Officer or the Lead Agent, as the case may be. ° The Marketing Agent shall attach a true copy of these Investment Guidelines to any Master Repurchase Agreement or custody undertaking agreement executed, delivered and used in connection with investment in securities or any interest therein under the Agreement. (i) Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the United States of America, an agency thereof or a United States government sponsored corporation. (ii) Obligations partially insured or guaranteed by any agency of the United States of America, at a proportion of the Market Value of the obligation that represents the amount of the Fund's net assets that insurance or guaranty. (iii) Obligations issued or fully insured or guaranteed by the State of New York, obligations issued by a municipal corporation, school district or district corporation of such State or obligations of any public benefit corporation which under a specific State statute may be subject accepted as security for deposit of public moneys. (iv) Obligations issued or fully guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, and the African Development Bank. (v) Obligations issued by states (other than the State of New York) of the United States rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vi) Obligations of Puerto Rico rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vii) Obligations of counties, cities and other governmental entities of another state having the power to repurchase agreements levy taxes which are backed by the full faith and credit of such governmental entity and rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (viii) Obligations of domestic corporations rated in one of the two highest rating categories by at least one nationally recognized statistical rating organization. (ix) Any mortgage related securities, as defined in the Securities Exchange Act of 1934, as amended, which may be purchased by banks under limitations established by federal bank regulatory agencies. (x) commercial paper and banker’s acceptances issued by a bank (other than the bank in which money is being deposited or invested) rated in the highest short-term category by at least one nationally recognized statistical rating organization and having maturities of seven not longer than 60 days or less. Repurchase agreements, considered "loans" under from the Investment Company Act, date they are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value pledged. (xi) Zero coupon obligations of the collateral must equal or exceed United States government marketed are “Treasury strips”. (xii) An eligible surety bond, as defined in Section 10 of the repurchase price GML, payable to fully collateralize Cheektowaga Central School District to the repayment obligationextent of 100% of the Permitted Investment. (xiii) An eligible letter of credit, as defined in Section 10 of the GML, payable to Cheektowaga Central School District to the extent of 140% of the Permitted Investment. HoweverFor the purpose of determining Market Values of the eligible securities set forth in this Appendix A (a) obligations described in clauses (i), (ii), (iii) and (iv) shall be valued at 100% of their Market Value, (b) obligations described in clauses (v), (vi) and (vii) if rated in the highest category shall be valued at 100% of their market value, if rated in the vendor fails to pay second highest category shall be valued at 90% of their Market Value, and if rated in the resale price on the delivery datethird highest category shall be valued at 80% of their Market Value; (c) obligations described in clauses (viii), the Fund may incur costs (x) and (xi) shall be valued at 80% of their Market Value; and (d) obligations described in disposing clause (ix) shall be valued at 70% of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's valuetheir Market Value.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. A. Repurchase agreements having a maturity beyond seven days not included as investments under the Agreement are authorized subject to the Fund's limits following restrictions: ° All repurchase agreements must be entered into subject to a Master Repurchase Agreement. ° Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. ° Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. ° No substitution of investment securities will be allowed. ° The custodian shall be a party other than the trading partner. ° All repurchase agreements shall be in compliance with the provisions of Sections 10 and 11 of the GML. ° Any investment securities which are purchased pursuant to a repurchase agreement shall be deemed to be payable or redeemable for purposes of the preceding sentence on holding illiquid investmentsthe date on which such obligations are scheduled to be repurchased by the seller thereof; any investment securities which provide for the adjustment of their respective interest rate on set dates shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which the principle amount may be recovered in full by demand of the holder or owner thereof. B. Repurchase agreements included as investments under the Agreement are authorized subject to the following provisions in addition to the restrictions set forth in paragraph XIII.A above unless such restriction is not included in such provisions: ° A transaction constituting a repurchase agreement or a series of such transactions each of which is or is deemed to be a repurchase agreement may be in effect for up to 90 days. There ° Substitution of investment securities is no limit authorized. Substitution may occur one or more times during a business day with respect to any investment security. Each substitution shall be deemed a separate purchase and sale of an investment security and a separate repurchase agreement with the understanding that a substituted security may be commingled with other investment securities of a counterparty to a Master Repurchase Agreement and may, in turn, become subject to liens granted to third parties and used for delivery in other securities transactions of such a counterparty. Any substitution of investment securities is subject to authorization by the Chief Investment Officer under the Agreement upon notice through Email of a confirmation by 4:00 p.m. (New York Time) on a business day (Monday through Friday). The Chief Investment Officer shall review such transmission and any confirmations contained therein and accept the terms of same by Email by 10:00 a.m. (New York Time) on the next succeeding business. Any transaction not so accepted by the Chief Investment Officer shall be terminated and be deemed terminated. A Master Repurchase Agreement shall include in its terms optional substitution/termination language substantially in the form contained in The Bond Market Association market Practice Update 96-1. ° All investment securities shall remain in the possession, custody or control of the custodian under the Agreement or the custodian under a Custodial Undertaking Agreement and shall be segregated from other securities in the possession, custody or control of any such custodian with title or other written designation as to ownership to such securities at all times in Red Hook Central School District, as Lead Agent of the New York Liquid Asset Fund (NYLAF); provided that the Lead Agent shall not sell, pledge, hypothecate or otherwise transfer such securities or any interest therein. The Lead Agent acknowledges that segregation of investment securities will be subject to a counterparty to a Master Repurchase Agreement’ ability to satisfy any lien granted in a substituted security. ° During any transaction the security interest of the New York Liquid Asset Fund (NYLAF), in any investment security will be evidenced by its possession and control by the custodian under the Agreement or a custodian under a Custody Undertaking Agreement. Although New York Liquid Asset Fund (NYLAF) intends that any transaction is a purchase and sale of securities, in the event any transaction is deemed to be a secured loan collateralized by such securities, a Master Repurchase Agreement shall provide that the relevant counterparty thereto shall be deemed to have granted and pledged to New York Liquid Asset Fund (NYLAF) perfected security interest in such securities. Any Master Repurchase Agreement shall provide that any transaction is and shall be deemed to be a “qualified financial contract” under applicable federal bankruptcy and secured transaction law and that such securities are not part of the estate of any counterparty to a Master Repurchase Agreement upon an event of insolvency, bankruptcy, reorganization, liquidation, dissolution or assignment for the benefit of creditors of such counterparty. ° Red Hook Central School District, as Lead Agent, in the exercise of the provisions contained in paragraph XIII.B herein is exercising and shall be deemed to be exercising a necessarily implied power authorized in Section 11 of the GML, and any actions taken shall not be or be deemed to be a direct or indirect gift or loan of money or property or credit of Red Hook Central School District or any participant under the Agreement to or in aid of any individual, private corporation or association. ° All transactions shall be deemed to be purchases and sales, and shall never be or be deemed to be a loan of money secured by investment securities as collateral, notwithstanding any accounting rule or interpretation of federal tax law to the contrary applied by any counterparty to a Master Repurchase Agreement or to a Custodial Undertaking Agreement. ° Securities subject to a Master Repurchase Agreement shall not include mutual funds or money market funds or securities other than those set forth in paragraph X herein. ° No counterparty to a Master Repurchase Agreement or Custodial Undertaking Agreement shall be or be deemed to be an agent or carrying out the duties of an agent of the Chief Investment Officer or the Lead Agent, and all such acts of any such counterparty shall be and shall be deemed to be ministerial in nature and constitute the following of express or necessarily implied authorizations, acceptances and consents of the Chief Investment Officer or the Lead Agent, as the case may be. ° The Marketing Agent shall attach a true copy of these Investment Guidelines to any Master Repurchase Agreement or custody undertaking agreement executed, delivered and used in connection with investment in securities or any interest therein under the Agreement. (i) Obligations issued, or fully insured or guaranteed as to the payment of principal and interest, by the United States of America, an agency thereof or a United States government sponsored corporation. (ii) Obligations partially insured or guaranteed by any agency of the United States of America, at a proportion of the Market Value of the obligation that represents the amount of the Fund's net assets that insurance or guaranty. (iii) Obligations issued or fully insured or guaranteed by the State of New York, obligations issued by a municipal corporation, school district or district corporation of such State or obligations of any public benefit corporation which under a specific State statute may be subject accepted as security for deposit of public moneys. (iv) Obligations issued or fully guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, and the African Development Bank. (v) Obligations issued by states (other than the State of New York) of the United States rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vi) Obligations of Puerto Rico rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vii) Obligations of counties, cities and other governmental entities of another state having the power to repurchase agreements levy taxes which are backed by the full faith and credit of such governmental entity and rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (viii) Obligations of domestic corporations rated in one of the two highest rating categories by at least one nationally recognized statistical rating organization. (ix) Any mortgage related securities, as defined in the Securities Exchange Act of 1934, as amended, which may be purchased by banks under limitations established by federal bank regulatory agencies. (x) commercial paper and banker’s acceptances issued by a bank (other than the bank in which money is being deposited or invested) rated in the highest short-term category by at least one nationally recognized statistical rating organization and having maturities of seven no longer than 60 days or lessfrom the date they are pledged. (xi) Zero coupon obligations of the United States government marketed are “Treasury strips”. (xii) An eligible surety bond, as defined in Section 10 of the GML, payable to the extent of 100% of the Permitted Investment. (xiii) An eligible letter of credit, as defined in Section 10 of the GML, payable to the extent of 140% of the Permitted Investment. (xiv) An irrevocable letter of credit issued by a Federal Home Loan Bank (FHLB) whose commercial paper and other unsecured short-term debt obligations are rated in the highest rating category by at least one nationally recognized statistical rating organization, accept such letter of credit payable to such local government as security for the payment of one hundred percent (100%) of the aggregate amount and the agreed upon interest, if any. Repurchase agreementsFor the purpose of determining Market Values of the eligible securities set forth in this Appendix A (a) obligations described in clauses (i), considered "loans" under (ii), (iii), (iv) and (xiv)shall be valued at 100% of their Market Value, (b) obligations described in clauses (v), (vi) and (vii) if rated in the highest category shall be valued at 100% of their market value, if rated in the second highest category shall be valued at 90% of their Market Value, and if rated in the third highest category shall be valued at 80% of their Market Value; (c) obligations described in clauses (viii), (x) and (xi) shall be valued at 80% of their Market Value; and (d) obligations described in clause (ix) shall be valued at 70% of their Market Value. Fees of the Investment Company ActConsultant, are collateralized by Administrator, Marketing Agent and Custodian Under the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effectInvestment Advisory Agreement, the Investment Consultant is paid a fee at an annual rate equal to 0.075% of the average daily net asset value of each of the Liquid Portfolio and the MAX Portfolio. These fees are calculated daily on each Portfolio, charged to the Liquid Portfolio or MAX Portfolio, as applicable, and paid monthly. Under the Administration Agreement, the Administrator is paid a fee for administrative services it provides to the Liquid Portfolio and the MAX Portfolio. . For administrative services provided to the Liquid and MAX Portfolios collectively, PMA as Administrator is paid a fee at an annual rate equal to 0.11% of the average daily net asset value of the collateral must combined Portfolios that are $500 million or less, 0.09% of the average daily net asset value of the combined Portfolios that are in excess of $500 million to $800 million, 0.06% of the average daily net asset value of the combined Portfolios that are in excess of $800 million to $1 billion and 0.04% of the average daily net asset value of the combined Portfolios that are in excess of $1 billion. Under the Custody Agreement, US Bank as Custodian is paid an annual fee equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price 1.5 (.00015) basis points on the delivery datefirst $100,000,000, 1.0 (.0001) basis point on next $400,000,000, and 0.75 (.000075) basis points on the balance of the total market value of the assets in the account. Fees are payable monthly. In addition, the Fund may incur costs in disposing Custodian/Banking Services Provider is paid disbursement charges, security transaction charges and other charges. The administrative, marketing, cash management and custodial fees are calculated daily on each Portfolio, charged to the Liquid Portfolio or MAX Portfolio, as applicable, and paid monthly. In general, the Governing Board intends to limit the expenses allocated to the MAX Portfolio to 0.50% of the collateral average daily net asset value of the MAX Portfolio, with any expenses in excess of that amount allocated to the Liquid Portfolio. Extraordinary or non-recurring expenses may, however, be allocated differently, in the discretion of the Governing Board. Participants purchasing Permitted Investments through the New York Choice Fixed Income Investment Program will pay up to a 0.25% annual fee on the original principal amount of the Permitted Investments. These fees are separate and apart from those assessed to the Liquid and MAX Portfolios. An amount equal to 0.10% (annualized) of the revenue derived from the sale of fixed income securities orders placed by the Investment Consultant or its affiliates, PMA Financial Network, LLC or PMA Securities, LLC, will be transferred each month to a marketing account established by the Governing Board to be used for the payment of NYLAF’s Marketing expenses, or at the discretion of the Marketing Agent, an approved expense relating to the Liquid Portfolio and the MAX Portfolio, including any sponsorship payments to the Association of School Business Officials of New York (ASBONY). 1) Annual fee of the Lead Agent up to, but not in excess of $60,000 per year, payable in monthly installments of not greater than $5,000 per month, which may experience losses if there is any delay be waived with the consent of the Lead Agent. 2) Governing Board expenses for (a) legal services up to, but not in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.excess of, $32,000 per year, (b) audit services, up to, but not in excess of $14,000 per year, and

Repurchase Agreements. The Under a repurchase agreement, the Fund can acquire “sells” securities subject or other obligations and agrees to repurchase agreements. It might do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposesthem at a specified date and price. In a reverse repurchase transaction, the Fund buys “buys” securities issued from a security frombroker-dealer or financial institution, and simultaneously resells it tosubject to the obligation of the broker-dealer or financial institution to repurchase such securities at the price paid by the Fund, an approved vendor for delivery on an agreed-upon future dateplus interest at a negotiated rate. The resale price exceeds use of repurchase and reverse repurchase agreements by the purchase price by an amount Fund involves a variety of risks. For example, repurchase agreements may involve the risk that reflects an agreed-upon interest rate effective for the period during which market value of the securities or other obligations purchased with the proceeds of the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from Fund may decline below the price of the securities or other obligations the Fund has sold but is obligated to repurchase. If the buyer of securities or other obligations under a repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to time. The majority of these transactions run from day determine whether to day, and delivery pursuant to enforce the resale typically occurs within one to five days obligation of the purchase. Repurchase agreements having a maturity beyond seven days are subject Fund to repurchase the securities or other obligations and the Fund's limits on holding illiquid investments. There is no limit on the amount ’s use of the Fund's net assets that may be subject to repurchase agreements having maturities proceeds of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is may effectively be restricted pending such decision. To the extent that, in effectthe meantime, the value of the collateral must equal securities or exceed other obligations that the Fund has purchased has decreased, the Fund could experience a loss. Further, in relation to reverse repurchase agreements, if the seller of securities to the Fund defaults on its obligation to repurchase the underlying securities, as a result of its bankruptcy or otherwise, the Fund will seek to dispose of such securities, which action could involve costs or delays and the Fund may suffer a loss to the extent that it is forced to liquidate its position in the market, and proceeds from the sale of the underlying securities are less than the repurchase price agreed to fully collateralize by the repayment obligationdefaulting seller. HoweverIf the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, if the vendor fails Fund’s ability to pay dispose of the resale price on the delivery dateunderlying securities may be restricted. It is possible, in a bankruptcy or liquidation scenario, that the Fund may incur costs not be able to substantiate its interest in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's valueunderlying securities.

Repurchase Agreements. The Fund can acquire securities subject to repurchase agreements. It might may do so for liquidity purposes to meet anticipated redemptions of Fund shares, or pending the investment of the proceeds from sales of Fund shares, or pending the settlement of portfolio securities transactions, or for temporary defensive purposes. In a repurchase transaction, the Fund buys a security from, and simultaneously resells it to, an approved vendor for delivery on an agreed-upon future date. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. Approved vendors include U.S. commercial banks, U.S. branches of foreign banks, or broker-dealers that have been designated as primary dealers in government securities. They must meet credit requirements set by the Manager from time to time. The majority of these transactions run from day to day, and delivery pursuant to the resale typically occurs within one to five days of the purchase. Repurchase agreements having a maturity beyond seven days are subject to the Fund's limits on holding illiquid investments. There is no limit on the amount of the Fund's net assets that may be subject to repurchase agreements having maturities of seven days or less. Repurchase agreements, considered "loans" under the Investment Company Act, are collateralized by the underlying security. The Fund's repurchase agreements require that at all times while the repurchase agreement is in effect, the value of the collateral must equal or exceed the repurchase price to fully collateralize the repayment obligation. However, if the vendor fails to pay the resale price on the delivery date, the Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. The Sub-Advisor will monitor the vendor's creditworthiness to confirm that the vendor is financially sound and will continuously monitor the collateral's value.